In line with its plans to raise funds via stake sale in state-run companies, the government has invited bids to appoint merchant bankers for the management of proposed 10 per cent stake sale in Indian Oil Corporation (IOC) via a share offer, said the media reports.

The last date for submission of bids to manage share sale in the country's leading fuel retailer is June 26, 2013, the report added.

This move is in accordance with the government's plans to garner approximately Rs 400 billion via share sale in state-owned firms during the current financial year 2013-14.